India’s Adani Enterprises reported a near-38% fall in profit on Thursday due to weak performance in its roads segment and higher expenses.
Consolidated net profit fell to 4.51 billion rupees ($54.1 million) for the quarter ended March 31 from 7.22 billion rupees a year ago, the Adani group’s flagship company said in an exchange filing.
The conglomerate’s road infrastructure segment’s pre-tax profit plunged 84%.
Its commercial mining segment posted a pre-tax loss of 2.01 billion rupees compared with a profit of 2.31 billion rupees.
The lacklustre performance in the mining and infrastructure segments outweighed strong performance in the company’s mainstay coal trading division, where profit before taxes nearly doubled to 15.71 billion rupees.
Revenue from operations rose 0.8% to 291.80 billion rupees, while total expenses jumped 2.7% to 283.08 billion rupees.
Shares of Adani Enterprises, which are up 6.3% so far this year, closed down 0.8% after the results.
